SingularityNET is a protocol for coordinating, discovering, and transacting AI algorithms at scale. The protocol is the first decentralised AI global marketplace for AI services possible in which parties own their own data. SingularityNET provides an automated process enabling each business to connect existing AI tools together to build the solution it needs. By providing an easy means of configuring tools, it offers both customization and availability, while reducing the reduplication of effort involved in proprietary development, making the development process more efficient.
SingularityNET launches these AI tools and datasets onto the marketplace, making them more accessible to end-users and developers, and giving developers a way to monetize their creations. It is a sharing-economy marketplace for AI, that encourages collaboration between these tools and decentralized sharing of information, democratizing access to the benefits of AI.
SingularityNET will be an open network. Anyone can insert an AI agent as long as the agent shares information accord- ing to the SingularityNET API, and accepts/disburses payment according to SingularityNET’s economic logic. New AI agents will come from AI software developers who want access to SingularityNET’s market, which will be the hub of open AI services.
SingularityNET platform is powered by a utility token, AGI that is tailored to enable four key mechanisms: transactions, settlements, incentives, and governance.
1. Transactions
SingularityNET is an open-source protocol and collection of smart contracts for a decentralized market of coordinated AI services. Within this framework, the benefits of AI become a global commons infrastructure for the benefit of all; anyone can access AI tech or become a stakeholder in its development. Anyone can add an AI/machine learning service to SingularityNET for use by the network, and receive network payment tokens in exchange.
2. Settlements
With the AGI token as the native token, network users can transact on the market place from thousands of contracts, technologies, and protocols. All transactions occur on a single, publicly-auditable transaction ledger.
3. Incentives
AGI tokens are distributed as rewards for contributing utility to the network.
4. Governance
In order to foster a vibrant market, SingularityNET will not charge any transaction fees. Rather, network operations will be funded democratically, via decisions of network participants to direct a fraction of newly created tokens toward entities providing and enhancing network infrastructure and associated tools.